Barcelona-based charger maker Wallbox (NYSE: WBX) reported third-quarter 2026 revenue of EUR 24.2 million on Nov. 4. Rallies.ai, an independent summary, reports that is down 32% from a year earlier. The company blames supply rather than demand. In its results release, filed with the U.S. Securities and Exchange Commission as Exhibit 99.1, CEO Enric Asunción says order intake remained solid and the order backlog reached EUR 16.9 million at the end of September. Supply chain constraints, he says, are keeping those orders from turning into deliveries on schedule.

The quarter ended Sept. 30, 2026. Below are the headline numbers, what the company says about supply, and the outlook it gave for the fourth quarter.

The numbers at a glance

  • Revenue: EUR 24.2 million. Rallies.ai reports a 32% decline from a year earlier.
  • Gross margin: 36.5%, which the company says was "impacted by product mix." Rallies.ai puts the prior quarter at 38%.
  • Adjusted EBITDA: EUR (5.3) million, "landing within guidance." The company says that is a 24% improvement on the same quarter last year and 32% better than the prior quarter.
  • Costs: labor costs and operating expenses fell 34% year over year, according to the release.
  • Backlog: EUR 16.9 million at the end of September.
  • Funding: EUR 4 million of additional funding secured after the quarter closed, through a convertible loan from existing shareholders.

Reading the revenue figure

Rallies.ai reports a 32% year-over-year decline. If that is right, Wallbox's revenue in the third quarter of 2025 was roughly EUR 35-36 million (24.2 divided by 0.68). That figure is ChargerFeed's back-calculation, not a number in the company's release.

The release says adjusted EBITDA of EUR (5.3) million landed within the company's guidance. It also credits "strong cost control," including the 34% year-over-year reduction in labor costs and operating expenses, for that result. Together, those figures suggest cost cuts are why the adjusted EBITDA loss narrowed even as revenue fell, though the release does not itemize the effect.

Supply, not demand, according to management

Asunción described order intake as solid. He said the EUR 16.9 million backlog is "not yet reflected in our revenue" because supply chain constraints "continue to limit our ability to convert orders into deliveries on schedule." He said the company is working with its suppliers and expects to resolve the constraints "during the next quarters." The release does not name the components or suppliers involved and gives no specific date.

Both independent summaries describe the quarter the same way. Panabee wrote that revenue came in at EUR 24.2 million "as the company continued to face structural supply chain constraints." Rallies.ai said the drop happened "as supply-chain constraints limited its ability to fulfill orders." Panabee rounds the backlog to about EUR 17 million in places.

The release says the backlog "continued to grow." Rallies.ai puts the prior figure at EUR 12 million, which the release itself does not state. For scale, the EUR 16.9 million backlog equals about 70% of a full quarter of Wallbox revenue at the Q3 level (16.9 divided by 24.2). Wallbox's Q4 revenue guidance midpoint is EUR 30 million, EUR 5.8 million above Q3, so the backlog is larger than that gap. That is a ChargerFeed calculation, not a company forecast. Wallbox has not said how much of the backlog it expects to deliver in any given quarter.

Panabee also reports that about 70% of Wallbox's revenue comes from AC chargers and 72% from Europe. Those are Panabee's figures; the release text reviewed here does not break out revenue by charger type or region.

Margin and product mix

Gross margin was 36.5%, which the company attributes to product mix. Rallies.ai says it fell from 38% in the prior quarter as DC chargers made up a smaller share of sales; Panabee instead calls the margin "stable." The release itself does not break down which product lines drove the figure. Q4 guidance calls for gross margin of 36-38%, which brackets both the Q3 level and the 38% Rallies.ai cites for the prior quarter.

Q4 2026 outlook

Wallbox gave the following expectations for the fourth quarter:

  • Revenue: EUR 29-31 million
  • Gross margin: 36-38%
  • Adjusted EBITDA: negative, between EUR (5.5) million and EUR (3.5) million

Hitting the EUR 30 million midpoint would mean revenue growth of about 24% from Q3 (30 divided by 24.2), and that depends on the supply constraints easing as management expects. The EUR (5.5) million low end of the EBITDA range is slightly worse than the Q3 result of EUR (5.3) million. The EUR (3.5) million high end would be a smaller loss than Q3.

Balance sheet: a EUR 4 million bridge

After the quarter closed, Wallbox secured EUR 4 million in additional funding through a convertible loan from existing shareholders. The CEO called it "the first example" of financing efforts aimed at securing enough working capital to support growth. The release text reviewed here does not give the conversion terms. Rallies.ai reports that cash, cash equivalents and financial instruments declined to EUR 10.4 million from EUR 25.1 million, citing operating funding needs and restructuring payments. The existing shareholders, not new outside investors, supplied this round. ChargerFeed does not offer investment advice. Readers who want the details should go to the filing itself.

Product: Pulsar Max refresh in Europe

On the product side, Wallbox said it launched a new generation of Pulsar Max across European markets. The company says the charger features ISO 15118-ready hardware, built-in RFID and Ethernet connectivity. ISO 15118 is the standard behind plug-and-charge authentication and the more advanced charger-to-vehicle communication used in smart and bidirectional charging. "Ready" hardware means the hardware supports it. It does not guarantee those features are switched on in the charger's software or work with every vehicle at launch. The release says the launch covers European markets. It does not mention North American availability for the new version.

What It Means for Drivers

For people who own a Wallbox charger or are thinking about buying one, the sources point to a few practical effects:

  • Possible wait times on new orders. The company says supply chain constraints limit its ability to convert orders into deliveries on schedule. Buyers and installers ordering Wallbox hardware, especially through fleet or commercial channels, should confirm lead times with the seller before scheduling an install. Wallbox says it expects the constraints to be resolved "during the next quarters" and has not given a firm date.
  • A refreshed home charger in Europe. The new-generation Pulsar Max has launched across European markets, according to the company. Built-in RFID is generally used to control who can start a charging session, which can help at shared driveways or small workplaces. Ethernet offers a wired alternative to Wi-Fi for connectivity. The release gives no prices, so check current pricing with authorized sellers.
  • ISO 15118 features may come later. The hardware is described as ISO 15118-ready. Whether a given car can use plug-and-charge or related features depends on the vehicle, the charger's software, and any service the driver signs up for. The release does not say when those features will be enabled.
  • No stated change for chargers already installed. Nothing in the Q3 release says anything about support, software, or service for chargers already in use.

Anyone installing or upgrading a home or workplace charger should use a licensed electrician and follow the manufacturer's installation instructions. ChargerFeed does not provide wiring or installation guidance.

What to watch

The Q4 report will show whether supply was the bottleneck management says it is. Three things to look for: revenue landing inside the EUR 29-31 million range, a shrinking backlog as orders ship, and gross margin holding within 36-38%. A result below that range would make the supply explanation harder to accept. The company held a conference call at 8:00 a.m. ET on Nov. 4 to discuss the results.

Sources